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The costs of 'coupling': the global crisis and the Indian economy

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  • Jayati Ghosh
  • C. P. Chandrasekhar

Abstract

The view that the Indian economy would be less adversely affected by the global economic crisis because of limited integration and other inherent strengths has proved to be wrong. The economic boom in India that preceded the current downturn was dependent upon greater global integration in three ways: greater reliance on exports particularly of services; increased dependence on capital inflows, especially of the short-term variety; and the role these played in underpinning a domestic credit-fuelled consumption and investment boom. These in turn made the growth process more vulnerable to internally and externally generated crises, as is now becoming clear. Copyright The Author 2009. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved., Oxford University Press.

Suggested Citation

  • Jayati Ghosh & C. P. Chandrasekhar, 2009. "The costs of 'coupling': the global crisis and the Indian economy," Cambridge Journal of Economics, Oxford University Press, vol. 33(4), pages 725-739, July.
  • Handle: RePEc:oup:cambje:v:33:y:2009:i:4:p:725-739
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    File URL: http://hdl.handle.net/10.1093/cje/bep034
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    References listed on IDEAS

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    1. Stephen J. Brown & William N. Goetzmann & James M. Park, 1998. "Hedge Funds and the Asian Currency Crisis of 1997," New York University, Leonard N. Stern School Finance Department Working Paper Seires 98-014, New York University, Leonard N. Stern School of Business-.
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    Cited by:

    1. Yilmaz Akyuz, 2015. "The Global Economic Crisis and Asian Developing Countries: Impact, Policy Response and Medium Term Prospects," Working Papers id:7062, eSocialSciences.
    2. Shah, Deepak K., 2010. "Global Financial and Economic Crisis: Implications for Agricultural Sector in India," Indian Journal of Agricultural Economics, Indian Society of Agricultural Economics, vol. 65(3).
    3. Gulati, Rachita & Kumar, Sunil, 2016. "Assessing the impact of the global financial crisis on the profit efficiency of Indian banks," Economic Modelling, Elsevier, vol. 58(C), pages 167-181.
    4. Bernhardt, Thomas, 2010. "Decoupling: Myth or Reality?," MPRA Paper 56372, University Library of Munich, Germany.
    5. Giovanni Andrea Cornia & Milica Uvalic, 2012. "Learning from the past: Which of the past/current development strategies are best suited to deal with the ‘quadruple crisis’?," Working Papers 116, United Nations, Department of Economics and Social Affairs.

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